Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,051/mo
Lowest payment- Down payment
- $97,346
- Funds due
- $110,108
- Interest + MI left
- $126,047
- First ends
- Oct 2052
Assumption
Assumption + second
$2,469/mo
+$418/mo- Down payment
- $45,346
- Funds due
- $59,473
- Interest + MI left
- $224,673
- First ends
- Oct 2052
New loan
New conventional
$3,325/mo
+$1,274/mo- Down payment
- $45,346
- Funds due
- $55,601
- Interest + MI left
- $590,209
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $351,654 | $351,654 | $403,654 |
| Second mortgage | — | $52,000 | — |
| First P&I | $1,540.97 | $1,540.97 | $2,734.49 |
| Second P&I | — | $418.40 | — |
| Mortgage insurance | — | — | $80.73 |
| Taxes, insurance & HOA | $509.58 | $509.58 | $509.58 |
| Total housing payment | $2,050.55 | $2,468.96 | $3,324.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,346
Closing costs & prepaids$14,127
Usable credit−$0
Total buyer cash needed$59,473
Earnest money paid−$0
Remaining funds due$59,473
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,758.27
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$538.75
Initial HOA (3 months)$540.00
Prepaid interest, first (9 days)$216.77
Prepaid interest, second (9 days)$115.40
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing25 yr 10 moOf the original 30-year loan at 2.5%
Interest already paid$38,702Through Dec 2026
Assumption only · ends Oct 2052$126,047
Assumption + second · ends Oct 2052, second Jan 2057$224,673
New conventional · ends Jan 2057$590,209